The last figure brings me to the changes in the National Debt during the year. In addition to covering the deficit, we also had to borrow, among other purposes, to provide £104,000,000 to pay off in July last those holders of the 4½per cent. Conversion Loan who did not convert their holdings, and £100,000,000 to repay the 1 per cent. Treasury bonds, which fell due on 1st February, 1941. The sum of £17,000,000 was issued for Sinking Funds; and, striking a balance between all borrowings and repayments, a net sum of £2,462,000,000 was borrowed during the year.
Our borrowings took a variety of forms: £203,000,000 was received from the remaining instalment of the 3 per cent. War Loan, 1955–59; £360,000,000 was raised by National Savings Certificates and Defence Bonds; £592,000,000 was raised by National War Bonds, £89,000,000 by Savings Bonds, £430,000,000 by Treasury deposits by the banks, £894,000,000 by Treasury Bills, and Ways and Means advances; £75,000,000 of National Defence Loan, 1954–58, was issued to the National Debt Commissioners as an investment for Savings Bank funds. The balance of our borrowings included £28,500,000 in loans free of interest and £2,750,000 from the proceeds of Ulster Savings Certificates.